Arabian Contracting Services Co. announces that Faden Media Company, one of the subsidiaries owned 100% by Arabian Contracting Services Co. has signed a contract with Remat Al-Riyadh Development Company for ''establishing, operating, and maintaining advertising billboards on the buildings' facades in various sites of Riyadh City – the fourth contract’’.
| Element List | Explanation |
|---|---|
| Introduction | Referring to the announcement of Arabian Contracting Services Co. on 10-01-2024 Corresponding to 28-06-1445, regarding that Faden Media Company, one of the subsidiaries owned 100% by Arabian Contracting Services Co. was awarded a project of establishing, operating, and maintaining advertising billboards on the buildings' facades in various sites of Riyadh City – the fourth contract, which was offered by Remat Al-Riyadh Development Company.
Arabian Contracting Services Co. would like to announce that on Thursday 30-05-2024 corresponding to 22-11-1445, Faden Media Company has signed a contract for establishing, operating, and maintaining advertising billboards on the buildings' facades in various sites of Riyadh City -the fourth contract, with Remat Al-Riyadh Development Company. |
| Date of Announcement of the Award | 2024-01-10 Corresponding to 1445-06-28 |
| Contract Subject Matter | A project contract for establishing, operating, and maintaining advertising billboards on the buildings' facades in various sites of Riyadh City – the fourth contract. |
| The Entity with Which the Contract was Signed | Remat Al-Riyadh Development Company |
| Date of Signing the Contract | 2024-05-30 Corresponding to 1445-11-22 |
| Contract Value | The total contract value is SAR 430,000,000 (excluding value-added tax) with an annual lease payment of SAR 43,000,000 (excluding value-added tax), there will be a 50% discount applied to the annual lease payment during the first year of the contract only and starting from the 6th year until the end of the contract, a 10% increase will be applied to the annual lease payment. |
| Contract Details | The scope of the project includes 3 separate buildings on the roads and streets of Riyadh City that were identified by Remat Al-Riyadh Development Company, where the total number of billboards that will be installed on the buildings' facades is 6 fully digital billboards with formats estimated at 40 meters and larger for the one billboard. |
| Contract Duration | The contract duration is 10 years including a preparation period extending up to 6 months. |
| Financial Impact and the Relevant Period | The financial impact will be reflected starting from the first quarter of 2025. |
| Related Parties | N/A |
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